Remitly Global, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Remitly Global, Inc. has filed its Q1 2024 10-Q report detailing financial performance and operational updates.</b>

AI Summary

Remitly Global, Inc. (RELY) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Remitly Global, Inc. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data and operational details for the first quarter of 2024 are presented. The report includes information on various financial statement line items and disclosures. The company is incorporated in Delaware with its principal business address in Seattle, WA.

Why It Matters

For investors and stakeholders tracking Remitly Global, Inc., this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial results, enabling them to assess the company's performance and make informed investment decisions. The detailed disclosures within the report offer insights into Remitly's operational segments, expenses, and balance sheet, crucial for understanding its business trajectory.

Risk Assessment

Risk Level: medium — Remitly Global, Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but lacks forward-looking guidance or significant new disclosures that would drastically alter risk perception.

Analyst Insight

Monitor future filings for trends in revenue growth, expense management, and geographic performance to gauge Remitly's ongoing market position.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly period)
• 2024-05-01 — Filing Date (Date of submission)
• 001-40822 — SEC File Number (Company's SEC filing number)
• 7389 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Remitly Global, Inc. (company) — Filer name
• RELY (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-01 (date) — Filing date
• DE (jurisdiction) — State of incorporation
• SEATTLE (location) — City
• WA (location) — State
• 206-535-6152 (phone_number) — Business phone

FAQ

Industry Context

Remitly Global operates in the financial services sector, specifically focusing on digital remittances and international money transfers.

Regulatory Implications

The company is subject to various financial regulations and reporting requirements by the Securities and Exchange Commission (SEC) as a publicly traded entity.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze revenue and expense trends for the reported quarter compared to prior periods.
3. Examine any new disclosures or risk factors mentioned in the report.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the 10-Q for the first quarter of 2024, following the 10-K annual report filed previously.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value RELY The Nasdaq Global Select

Filing Documents

• rely-20240331.htm (10-Q) — 946KB
• rely1q24-exhibit311.htm (EX-31.1) — 9KB
• rely1q24-exhibit312.htm (EX-31.2) — 9KB
• rely1q24-exhibit321.htm (EX-32.1) — 5KB
• rely1q24-exhibit322.htm (EX-32.2) — 5KB
• 0001782170-24-000122.txt (&nbsp;) — 6217KB
• rely-20240331.xsd (EX-101.SCH) — 47KB
• rely-20240331_cal.xml (EX-101.CAL) — 72KB
• rely-20240331_def.xml (EX-101.DEF) — 215KB
• rely-20240331_lab.xml (EX-101.LAB) — 617KB
• rely-20240331_pre.xml (EX-101.PRE) — 442KB
• rely-20240331_htm.xml (XML) — 785KB

Financial Information

Part I Financial Information

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets as o f March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 5 Notes to C ondensed C onsolidated F inancial S tatements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosure s About Market Risk

Item 3. Quantitative and Qualitative Disclosure s About Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 30

Other Information 31

Part II Other Information 31

Legal Proceedings

Item 1. Legal Proceedings 31

Risk Factors

Item 1A. Risk Factors 31

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31

Other Information

Item 5. Other Information 31

Exhibit s

Item 6. Exhibit s 32

Signatures

Signatures 33 i Table of Con t ents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding future events or our future results of operations, financial condition, business, strategies, financial needs, and the plans and objectives of management, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "likely," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would," or similar expressions and the negatives of those terms. These forward-looking statements include, but are not limited to, statements concerning the following: our expectations regarding our revenue, expenses, and other operating results; our ability to acquire new customers and successfully retain existing customers; our ability to develop new products and services and bring them to market in a timely manner; our ability to achieve or sustain our profitability; our ability to maintain and expand our strategic relationships with third parties; our business plan and our ability to effectively manage our growth; our market opportunity, including our total addressable market; anticipated trends, growth rates, and challenges in our business and in the markets in which we operate; our ability to attract and retain qualified employees; uncertainties regarding the impact of general economic and market conditions, including as a result of currency fluctuations, inflation, or regional and global conflicts or related government sanctions; our ability to maintain the security and availability of our solutions; our ability to maintain our money transmission

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) REMITLY GLOBAL, INC. Condensed Consolidated Balance Sheets ( In thousands, except share and per share data ) (unaudited) March 31, December 31, 2024 2023 Assets Current assets Cash and cash equivalents $ 285,997 $ 323,710 Disbursement prefunding 202,042 195,848 Customer funds receivable, net 439,183 379,417 Prepaid expenses and other current assets 44,789 33,143 Total current assets 972,011 932,118 Property and equipment, net 19,335 16,010 Operating lease right-of-use assets 10,315 9,525 Goodwill 54,940 54,940 Intangible assets, net 15,427 16,642 Other noncurrent assets, net 7,173 7,071 Total assets $ 1,079,201 $ 1,036,306 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 12,278 $ 35,051 Customer liabilities 192,296 177,473 Short-term debt 2,445 2,481 Accrued expenses and other current liabilities 155,080 145,802 Operating lease liabilities 5,746 6,032 Total current liabilities 367,845 366,839 Operating lease liabilities, noncurrent 5,345 4,477 Long-term debt 150,000 130,000 Other noncurrent liabilities 6,653 5,653 Total liabilities 529,843 506,969 Commitments and contingencies (Note 16) Stockholders' equity Common stock, $ 0.0001 par value; 725,000,000 shares authorized as of March 31, 2024 and December 31, 2023 both; 192,311,050 and 188,435,952 shares issued and outstanding, as of March 31, 2024 and December 31, 2023, respectively 19 19 Additional paid-in capital 1,062,029 1,020,286 Accumulated other comprehensive (loss) income ( 307 ) 335 Accumulated deficit ( 512,383 ) ( 491,303 ) Total stockholders' equity 549,358 529,337 Total liabilities and stockholders' equity $ 1,079,201 $ 1,036,306 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Table of Contents REMITLY GLOBAL, INC. Condensed Consolidated Statements of Operations ( In thousands, except share and per share data ) (unaudited) Three

View Full Filing

View this 10-Q filing on SEC EDGAR